this post was submitted on 12 Jan 2024
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The great baby-boomer retirement wave is upon us. According to Census Bureau data, 44% of boomers are at retirement age and millions more are soon to join them. By 2030, the largest generation to enter retirement will all be older than 65.

The general assumption is that boomers will have a comfortable retirement. Coasting on their accumulated wealth from three decades as America's dominant economic force, boomers will sail off into their golden years to sip on margaritas on cruises and luxuriate in their well-appointed homes. After all, Federal Reserve data shows that while the 56 million Americans over 65 make up just 17% of the population, they hold more than half of America's wealth — $96.4 trillion.

But there's a flaw in the narrative of a sunny boomer retirement: A lot of older Americans are not set up for their later years. Yes, many members of the generation are loaded, but many more are not. Like every age cohort, there's significant wealth inequality among retirees — and it's gotten worse in the past decade. Despite holding more than half of the nation's wealth, many boomers don't have enough money to cover the costs of long-term care, and 43% of 55- to 64-year-olds had no retirement savings at all in 2022. That year, 30% of people over 65 were economically insecure, meaning they made less than $27,180 for a single person. And since younger boomers are less financially prepared for retirement than their older boomer siblings, the problem is bound to get worse.

As boomers continue to age out of the workforce, it's going to put strain on the healthcare system, government programs, and the economy. That means more young people are going to be financially responsible for their parents, more government spending will be allocated to older folks, and economic growth could slow.

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[–] wowbyowen 68 points 11 months ago (1 children)

So the top two hundred net worth individuals have amassed 30% of us wealth and boomers hold half the wealth. No wonder young people are suffering...

[–] [email protected] 51 points 11 months ago* (last edited 11 months ago) (3 children)

I think the point is that those two hundred are Boomers. The rest of the boomers are broke.

[–] [email protected] 31 points 11 months ago (3 children)

Yeah it's easy to get mad at boomers. It's also easy to forget that medicare and social security are under attack. The divisionthat matters isn't between generations, it's between the rich and the poor.

[–] [email protected] 2 points 11 months ago
[–] [email protected] 2 points 11 months ago (1 children)

This is occurring specifically because of the choices they collectively made.

It's hard to be sympathetic.

[–] [email protected] 15 points 11 months ago

It's always a class war, anything else is a distraction.

[–] pelespirit 1 points 11 months ago

many boomers don’t have enough money to cover the costs of long-term care, and 43% of 55- to 64-year-olds had no retirement savings at all in 2022.

I think most people agree that we don't want boomers to have it bad, we want every generation to have it good. All of this stoked infighting is like racism, hate the "other" so we don't look at the real problems.